Freddie Mac, the government-controlled mortgage lender, is requesting another $6 Billion in aid from tax payers as they posted further losses in the 3rd quarter. Some of those losses are attributed to the recent high volume of refinancing by homeowners. Lower interest rates for homeowners means less cash to Freddie.
It is estimated that it will cost $51 – 142 Billion to support Freddie Mac and Fannie Mae through 2014.
For the full MSNBC article, visit: http://bottomline.msnbc.msn.com/_news/2011/11/03/8614713-freddie-mac-seeks-6-billion-more-in-aid
For info on Norwalk area real estate, visit: www.ToddTurcotte.com